REEF Strong Continuation Pattern 63% Gain from Buy Zone 1

15 Mar 2021

REEF's price soared to a new ATH on 11/02/21 reaching $0.056 on the Binance exchange. Following the new ATH there was a small retracement before trying to push past the resistance set at ATH on 11/02/21. Reef has experienced quite a sharp recovery from the retracement in price level signalling strong bullish sentiment back in the market. Currently the price is above the 13 EMA, 50 SMA and 200 SMA showing a strong upward trend. We expect the current price to test the 50 SMA which is close to our current buy zone 1 before continuing with the bullish momentum as some traders will be taking profit at the current ATHs.

Reef reached its new ATH after testing the previous Highs just above the 78.60% Fibonacci level, reaching $0.059. From the current price level there are 2 possible scenarios which could both play out from here as this impulsive move from the low of $0.023 on 23/02/21 is not showing signs of exhaustion, the key will be in finding the right zones to enter. We expect the ATH level to be tested again and our next price target for REEF is at the 127.20% Fibonacci level @ $0.068.

Use the buy zones to map out your buys, further if the price drops to the 38.20% Fibonacci level, look to DCA/Accumulate from the first buy zone! Happy Trading :)